Here is the outline for the newsletter today!🔥

• Coinbase Wins U.S. Supreme Court Ruling in Arbitration Lawsuit⚖

• Binance Ordered to Immediately Halt Offering Crypto Services in Belgium by Markets Regulator FSMA🛑

• SEC Approves First Leveraged Bitcoin Futures ETF🥳

Coinbase Wins U.S. Supreme Court Ruling in Arbitration Lawsuit⚖

Although the case itself doesn't directly pertain to the crypto industry, its outcome holds potential implications for future court disputes involving businesses across various sectors.

The Supreme Court's ruling, which obtained a 5-4 majority, grants Coinbase a temporary reprieve from the lawsuit while the exchange defends an appeal of a lower court ruling.

The lawsuit, filed by one of Coinbase's users, sought to proceed as a putative class action lawsuit against the exchange. However, the Supreme Court's decision allows Coinbase to continue pursuing arbitration, thereby halting the lawsuit's progress through the federal court system for now.

Justice Brett Kavanaugh, speaking on behalf of the majority, stated that the district court must stay its proceedings during the ongoing interlocutory appeal. This ruling upholds Coinbase's effort to compel arbitration, a critical aspect of the case.

Although the Supreme Court ruling doesn't directly address crypto-related issues, it highlights Coinbase's prominence in the industry and sets a precedent for future legal battles involving the exchange.

This outcome could potentially impact other lawsuits filed against Coinbase and shape the legal landscape for crypto companies in the future. (Like the SEC)

"We anticipate that the Ninth Circuit here, as we anticipate in [appeals] more generally, will proceed with appropriate expedition when considering Coinbase's interlocutory appeal from the denial of the motion to compel arbitration," stated the ruling.

While this legal victory is specific to Coinbase, its implications for businesses extend beyond the crypto sphere. The ruling could influence the way future court disputes are handled and provide valuable insights into arbitration proceedings for companies across various industries.

Binance Ordered to Immediately Halt Offering Crypto Services in Belgium by Markets Regulator FSMA🛑

Belgium's top markets regulator, the Financial Services and Markets Authority (FSMA), has issued an order to Binance, one of the leading crypto exchanges, to cease offering crypto services to Belgian customers.

The regulator alleges that Binance has been serving Belgian customers from countries outside the European Economic Area, which is a violation of the law.

This latest action by the FSMA highlights the increasing scrutiny and regulatory challenges faced by Binance.

The exchange is already dealing with allegations from the U.S. Securities and Exchange Commission (SEC) regarding violations of securities laws. Furthermore, it has recently come to light that French authorities are conducting an investigation into Binance.

These legal issues have prompted Binance to withdraw from European Economic Area markets like the Netherlands and Cyprus.

In response to the FSMA's order, a spokesperson from Binance expressed disappointment and emphasized their commitment to complying with regulatory obligations.

Binance is currently reviewing the details of the notice and intends to work collaboratively with regulators in Belgium and worldwide.

It is uncertain why all these regulators are targeting Binance at one go, seems a bit unfair if you ask me 🤔

SEC Approves First Leveraged Bitcoin Futures ETF🥳

The U.S. Securities and Exchange Commission (SEC) has made a significant move in the cryptocurrency space by approving the first leveraged Bitcoin futures exchange-traded fund (ETF).

The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on the Chicago Board Options (CBOE) BZX Exchange next Tuesday, June 27th.

The BITX fund aims to provide investment results that correspond to two times (2x) the return of the Chicago Mercantile Exchange (CME) Bitcoin Futures Daily Roll Index, as stated in the SEC filing.

This leveraged ETF will use Bitcoin futures as leverage to amplify the returns of the underlying benchmark index. While this leverage can lead to short-term gains for investors, it also comes with increased risk and the potential for substantial losses.

The approval of BITX has been met with mixed reactions from the crypto community. Some cryptocurrency advocates have welcomed the news, considering it a positive development for the digital asset industry.

However, others have raised concerns about the launch of a leveraged futures product before a straightforward spot ETF, questioning the decision-making process.

It's worth noting that the U.S.'s first Bitcoin futures ETF, $BITO, has underperformed Bitcoin year-to-date. Despite this, it experienced a 3.45% gain on the day of the BITX approval, reaching $17.57. The asset, however, is still down more than 50% from its all-time high of $43.32 in 2021.

In recent times, institutional interest in Bitcoin has been growing, driven by factors such as the filing of a Bitcoin ETF application by BlackRock and the launch of new crypto exchanges.

Bitcoin's price has shown resilience and continued its rally, reaching $31,000 today with a 3.4% gain. This wave of optimism from institutional investors has contributed to the positive sentiment surrounding Bitcoin.

Looks like BlackRock would get their application approved I assume 👀 If so we could see a major run for Bitcoin and other crypto’s in general.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.